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Travel and Tourism in Greece to 2017 - New Market Research Report

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2013-12-20 09:28:09 - New Consumer Goods research report from Timetric is now available from Fast Market Research

The performance of the Greek travel and tourism sector was adversely affected by the ongoing eurozone debt crisis. The country recorded declines in both international and domestic tourism during the review period (2008-2012). Domestic tourism declined at a compound annual growth rate (CAGR) of 9.73%, while international arrivals fell at a CAGR of 0.67%.

Key Highlights

* According to Timetric estimates, Greece's real GDP is expected to contract by 4.1% in 2013, before recording a marginal growth of 0.4% in 2014. With exports growth projected at 2.5% and 4.8% in 2013 and 2014 respectively, the exports-led recovery is expected to improve investor sentiment. However, the persistent drag of the fiscal deficit is likely to limit government consumption growth until 2016. Nevertheless,

the Greek economy is projected to grow in the range of 2.3-3.8% between 2015 and 2017, in line with recovery in domestic demand and a positive global economic outlook.
* Cruise tourism, which was a EUR519.4 million industry in Greece in 2012, is a leading contributor to the country's tourism sector. According to data by the Bank of Greece, cruise passenger revenues increased from EUR169 million in the first half of 2012 to EUR185 million in the first half of 2013, at a rate of 9.5%. According to the Cruise Line International Association Europe, Piraeus port in Athens was the third-largest home port in the Mediterranean region with 1.2 million passengers in 2012.
* Greece is home to 17 UNESCO World Heritage sites, the most prominent of which are Acropolis of Athens, the Archaeological Site of Delphi, the Archaeological Sites of Mycenae and Tiryns, the Old Town of Corfu, the Sanctuary of Asklepios at Epidaurus, the Temple of Apollo Epicurius at Bassae, and Mount Athos. Additionally, in May 2013, the country's 393 beaches and nine marinas were awarded the Blue Flag quality award by the Hellenic Society for the Protection of Nature.
* Domestic tourism is dependent on income levels and disposable income. Austerity measures established by international lenders had a severe impact on household incomes. According to the Hellenic Statistical Authority (ELSTAT), pay cuts, tax hikes and falling pensions resulted in a decline in disposable income by 9.3% in the second quarter of 2013.
* The government runs visa facilitation programs to attract tourists during peak seasons. For example, a visa facilitation program was run from April to October 2013, allowing non-EU citizens from Turkish ports to visit the Aegean Islands visa-free. The government is also considering extending visa facilitation measures to non-Schengen countries such as Russia and China.
* Declining disposable income also restricted Greeks from traveling abroad. Disposal income fell from EUR33.2 billion in the second quarter of 2012 to EUR30.1 billion in the second quarter of 2013. According to ELSTAT, the decline can be attributed to a 13.9% reduction in salaries and a 12.4% decrease in social benefits.
* Aegean Airlines is the largest Greek airline in terms of the number of passengers carried, destinations served and fleet size. The airline, which suffered weak domestic demand and losses in 2012, launched its new route program in March 2013, including 29 new scheduled international routes. In November 2013, Olympic Air merged with Aegean Airlines and became a subsidiary.
* The Greek government took steps to revive its hospitality industry. In August 2013, the Value Added Tax (VAT) in the industry was reduced from 23% to 13%. While only a temporary measure, the reduction is expected to help hotels and restaurant businesses. Customers are also expected to benefit as hotels and restaurants charge lower prices for services.
* The positive outlook for Greece's travel and tourism sector is encouraging car rental companies to enter the market. In March 2013, the US-based Enterprise Rent-A-Car, a subsidiary of Enterprise Holdings, entered Greece. The company appointed Sfakianakis Group as its franchisee in the country; the franchise agreement will be operated by Executive Lease, Sfakianakis Group's leasing and renting arm.
* With over 2,000 islands and 11 million inhabitants, Greece presents immense opportunities for travel companies. In October 2013, eDreams, one of Europe's leading online travel agencies, expanded its operations in the country. The company launched its website,, which was customized to suit Greek customers.

Full Report Details at
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This report provides an extensive analysis related to tourism demands and flows in Greece:

* It details historical values for the Greek tourism sector for 2008-2012, along with forecast figures for 2013-2017
* It provides comprehensive analysis of travel and tourism demand factors with values for both the 2008-2012 review period and the 2013-2017 forecast period
* The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Greece
* It provides employment and salary trends for various categories of the travel and tourism sector
* It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries with values for both the 2008-2012 review period and the 2013-2017 forecast period

Reasons to Get this Report

* Take strategic business decisions using historic and forecast market data related to the Greek travel and tourism sector.
* Understand the demand-side dynamics within the Greek travel and tourism sector, along with key market trends and growth opportunities.
* Identify the spending patterns of domestic, inbound and outbound tourists by individual categories.

About Timetric

Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. They provide detailed economic and sector intelligence, business insights and authoritative, independent commentary. View more research from Timetric at

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

Bill Thompson
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